1 Sept 2022drilling scheduled● Neutral
TMK adds a fifth well, Snow Leopard-5, at about US$100,000 and about 650m deep, after talks with Talon. The maiden contingent resource is now expected in October 2022. SL-03R should take about two more weeks.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2022drilling result▲ Good
TMK says SL-04 hit 40m of gassy lower-seam coal, with gas contents of about 5-10 m3/t. Once SL-03R finishes, Talon's stage 1 is complete and it has 90 days to decide whether to fund the US$3.15M pilot wells.
18 Aug 2022drilling result● Neutral
TMK reports final gas contents of 9.5 m3/t at SL-02 and 9.8 m3/t at SL-03, and 84% gas saturation at SL-01. A second rig started SL-04 on 16 August; SL-03R is delayed by rig breakdown and Covid-related crew shortages.
21 July 2022resource reserve update▲ GoodMajor
Talon books its maiden reserve at Walyering: RISC certifies gross 2P reserves of 54.2 PJ (Talon's 45%: 24.4 PJ), plus 31.9 PJ gross 2C contingent resource. This delivers the reserve aim and underpins a final investment decision.
28 June 2022drilling result▲ Good
TMK reports about 47m of gassy coal in the upper seam at Snow Leopard-3, with high gas contents. Permeability testing is done and results are awaited. Drilling is paused at 318m for a fishing operation. All three wells have hit thick coal over 6km.
17 June 2022drilling spud● Neutral
TMK says Snow Leopard-3, the third of four Gurvantes holes, is drilling about 3km west of SL-02, targeting roughly 650m. Lower-seam testing at SL-02 is being analysed. Pilot well planning is under way for later in 2022.
8 June 2022drilling result▲ Good
TMK says Snow Leopard-2 reached 540m total depth with 91m of net coal (70m upper, 21m lower seam). Methane averages 97%, consistent with Snow Leopard-1. The rig moves about 3km west to Snow Leopard-3, the third of four holes.
30 May 2022drilling result▲ Good
TMK says testing of the 70m upper coal seam at Snow Leopard-2 is complete, with preliminary data far better than Snow Leopard-1's troubled tests. Gas desorption continues and shows consistently high gas contents. Drilling is at 378m seeking a lower seam. Talon is earning 33% of Gurvantes.
23 May 2022drilling result▲ GoodMajor
TMK reports Snow Leopard-2 hit about 70m of gassy coal from 167m, with high preliminary gas contents. Final Snow Leopard-1 gas contents averaged 13.2 m3/t, above the earlier 7.5-12.5 range, though permeability testing was troubled (about 4.1 mD.m).
19 May 2022drilling result▲ GoodMajor
Talon says Walyering-6 hit a new 4m net gas pay in the Cadda Formation and about 21m net pay in the B and C Sands, though the A Sand showed low gas saturation. Drilling is complete; flow testing is expected in June, informing the final investment decision.
16 May 2022drilling spud● Neutral
TMK says drilling has started on Snow Leopard-2, the second of four Gurvantes coreholes, about 5km east of SL-1, to roughly 600m. Two more holes follow over 2-3 months; maiden contingent resource still targeted for 2H 2022.
10 May 2022drilling result▲ Good
TMK reports Snow Leopard-1 finished at 675m with 60m net gassy coal (44.4m upper, 15.5m lower seam). Gas content is trending to the upper end of 7.5-12.5 m3/t, with methane about 96%. Rig moves to Snow Leopard-2.
14 Apr 2022drilling progress report● Neutral
Talon recaps Walyering-5 flow testing about to start over four weeks, RISC engaged for resource assessment, Walyering-6 spud expected late April, and Snow Leopard-1's 44m gassy coal. Mostly repeats announcements by Strike and TMK.
11 Apr 2022drilling result▲ GoodMajor
TMK reports Snow Leopard-1 intersected 44m of gassy coal at 406-461m, with preliminary gas content of 7.5-12.5 m3/t and high saturation. Talon is funding the program under the US$4.65m farm-in; a maiden contingent resource is targeted in 2H 2022.
16 Mar 2022drilling spud▲ GoodMajor
Operator TMK reports the first of four Gurvantes coreholes, Snow Leopard 01, spudded 15 March 2022, targeting about 650m over four weeks. Talon funds the program to earn 33%; the other three holes follow over 3-4 months, a first step to converting the 5.96 TCF prospective resource.
9 Mar 2022drilling progress report● Neutral
TMK says the drilling rig is being mobilised to Gurvantes, with the first of at least four cored holes due to start within a week. Talon funds the program under its farm-in to earn 33%, by funding the first US$4.65m.
16 Feb 2022drilling progress report▲ Good
Strike says the Walyering-5 flow test starts after equipment arrives in late February, taking 15-20 days. Core tests show A-Sand permeability up to 280mD. Long-lead items and a rig slot are secured for Walyering-6; development concept is up to 30 TJ/d from two wells.
8 Dec 2021drilling result▲ Good
Strike says Walyering-5 is cased and pressure tested, cost about A$8.5m gross (under the A$9m budget), and the completion allows each sand to be tested separately. A flow test is planned Q1 2022, then independent resource certification; a concept of up to 20 TJ/d from ~2 wells is being studied.
6 Dec 2021drilling result▲ GoodMajor
Strike reports Walyering-5 confirmed four gas-charged sands with 51m net pay, results exceeding its pre-drill expectations; CO2 under 1%. The A Sand sits higher than Walyering-1, suggesting a larger gas column. A production test is planned Q1 2022. Positive for Talon's 45%.
6 Dec 2021drilling result▲ Good
Talon repeats Strike's result: Walyering-5 confirmed four gas sands, 116m gross and 51m net pay, CO2 under 1%, better than expected, including two extra deeper gas sands. Talon says exploration now turns to other EP447 leads and Condor (P50 408 Bcf). Production testing is still needed.
29 Nov 2021drilling result▲ GoodMajor
Walyering-5 reached 3,435m, 8 days ahead of schedule. Strike saw elevated gas and good sands in the A and B targets plus deeper sands. Logging is under way, so the significance is not yet confirmed.
24 Nov 2021drilling progress report● Neutral
Walyering-5 has reached 2,380m, with 9-5/8 inch casing run and cemented. Strike is about to drill the final section, expecting the A and B Sand targets at about 3,073m and 3,195m measured depth. No results yet.
15 Nov 2021drilling spud● NeutralMajor
Strike spudded the Walyering-5 appraisal well at 16:15 on 14 November 2021 using Ensign Rig 970, and was drilling ahead at 483m. It plans to drill to about 1,010m before running casing; Talon holds 45% of the joint venture.
15 Nov 2021drilling spud● Neutral
Talon notes Walyering-5 spudded on 14 November in EP447 (Talon 45%), targeting 3,138m subsea over about 33 days. It says success could re-rate the larger Condor structure. Repeats Strike's operator news.
2 Nov 2021drilling progress report● Neutral
Operator Strike reports Ensign Rig 970 began moving to Walyering-5 on 1 November. Spud is expected mid-November, with a proposed 33-day drilling and completion campaign to 3,138m subsea.
20 Oct 2021drilling progress report● Neutral
Walyering-5 site works are complete, but the Ensign Rig 970 is still at the Lockyer Deep well 230km north, with about two weeks needed to mobilise once released. The spud has slipped beyond the earlier late-September/early-October expectation.
26 Aug 2021drilling scheduled● Neutral
Strike has started site works for Walyering-5 in EP447, where Talon is earning 45% and says it is fully funded. Spud on Ensign Rig 970 is expected late September to early October, slightly later than the earlier September target. Success could lift the Condor resource (P50 408 Bcf).
18 Aug 2021resource reserve update▲ GoodMajor
Independent assessor NSAI booked a maiden Gurvantes XXXV prospective resource: risked best case 5.96 TCF (unrisked 19.96 TCF) over 2,235 km² of the 8,400 km² area. Talon's 33% share would be 1.97 TCF risked, if the farm-in completes. Still undrilled.
17 Mar 2021resource reserve update▲ GoodMajor
Talon booked a maiden best-estimate (P50) prospective resource of 408 Bcf gas and 20.2 MMbbl condensate at Condor (formerly Muchea), with a high case of 710 Bcf. Chance of success is a low 15%. The formal Macallum agreement has now been signed, replacing the January term sheet.
12 Oct 2020drilling scheduled▲ GoodMajor
Strike has contracted Ensign Rig 970 to drill the Walyering-5 appraisal well straight after its West Erregulla campaign. Drilling is likely to start in mid-2021. This firms up the timing of the well Talon is funding.